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Before the pandemic there were a lot of people who didn’t want to accept the changes and the evolution in the global market. Two years later, even the most distrustful executives are convinced that the future bears great changes regarding the market, the customer needs and the modern technologies. We are facing a global market which has changed in ways that even the most daring executives couldn’t have foreseen.
By Mia Kollia
Translated by Alexandros Theodoropoulos
#changemanagement #success #executives #innovation #technology #globalmarket #decisionmaking #transformation
Nowadays the C-Suite teams of organisations and companies have to make decisions facing difficult and unprecedented situations and modern leaders are called upon to balance complex needs:
1. Maintaining performance in the midst of radical change
While there is an urgent need to transform our organisations in order to respond effectively to the new demands of the markets, we also need to maintain the current performance of our employees in order not to risk the operation or even the survival of our company. So the current "dual reality" forces us to operate at two speeds.
A possible solution to this problem is to create teams with different goals. We can entrust a part of the employees with the continuation of the practices that have been productive so far, while another part of the employees can undertake to create the new conditions with which we will operate in the future.
In such a case, communication is extremely important, as the team working on current practices will need to be properly trained in order to make a smooth transition to the new structures.
Frequent meetings between the team leaders and the members who carry out the daily work in both groups are considered crucial. Only in this way will it be possible to properly share customer information and data, but also to explain correctly and in detail the operating procedures and all the elements that are necessary for an efficient dual performance within the same organisation.
2. Managing ambiguity during transformations
The study and planning of a digital transformation are the absolutely necessary first steps, before we try to apply any new practice in the operation of our company.
However, the elements on which our studies and planning are based, are constantly evolving while being shaped and influenced by many different elements that have to do with daily changes in markets, new information on customer behavior, new data on supply chains and so on.
The ever-changing nature of these elements can create a relative ambiguity when our organisation or company is already in the process of implementing a digital transformation. With data changing every day, how can one take clear and sure steps?
Flexibility is the key to tackling this condition.
Flexibility may sound simple to some people and easy to apply, but it can be developed only on the basis of deep corporate culture, communication and education.
Organisations that invest time and money in cultivating highly trained staff ensure success in the future. As an extra advantage, it is worth mentioning that the employees who take such opportunities tend to be more loyal to the companies that invest in them.
Data collection and processing is the second essential element for flexibility. Special know-how is required for the timely collection of correct data as well as groups with the respective analysis skills. In this way we can create forecast models for future market demands and therefore move flexibly to meet them.
3. Adoption of new business models
While many changes in market data and customer behaviors are happening, modern executives need to explore new business models that can be applied in these new conditions.
The adoption of new digital technologies and the new conditions of the pandemic have greatly changed the business landscape and, inevitably, the environment in which a corporate model is built.
As we always have to put the customer/user at the centre of every approach, we need to look at all aspects of each new model for possible improvements. Once the target audience has been identified, it is good to consider two key components: a) increasing high value customers and b) reducing costs to satisfy them.
The questions that arise from these two components must be at the heart of creating any new model. At the same time, managers should be able to be informed of ongoing changes in market data, in order to modify elements of the business model in a timely manner.
Finally, it is necessary to recognise how historically important the period we are going through is. We are at a crossroad with many different ways, which are created and change faster than ever and in unprecedented conditions. The leaders of today are called upon to balance many different requirements and provide new proposals for the leaders of tomorrow.